Car Loan Calculator – PSECU

Car Loan Payment Calculator

Estimate your monthly car loan payments based on your loan amount, interest rate, and loan term.

Loan Amount ($) Annual Interest Rate (%) Loan Term (Years) Estimated Monthly Payment ($) Total Loan Payment ($) Total Interest Paid ($)

function calculateCarLoan(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value) * 12; if(isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm el.value = “”); }

This car loan calculator helps you determine your monthly payments based on loan amount, interest rate, and loan term.

Loan Calculation Formula

Monthly Payment = Loan Amount × (Interest Rate / (1 – (1 + Interest Rate)^(-Loan Term)))

Example Calculation

If you take a loan of $20,000 for 5 years at an interest rate of 5.5%, your monthly payment will be $379.95, with a total payment of $22,797.12 and total interest of $2,797.12.

Why It Matters

Knowing your monthly payments will help you budget and ensure that your car loan fits within your financial plans.

Smart Strategy

Consider the total cost of the loan, including interest, when choosing your car loan terms.

FAQs

What affects my car loan rate? Your credit score, loan amount, and loan term can impact your rate.

Can I pay off my car loan early? Yes, but check with your lender to avoid prepayment penalties.

Car Loan Calculator Psecu